Exxon inks Rosneft Arctic deal

September 02/2011

(Arabian Oil and Gas) -- BP’s
ambition to become a major player in the Russian arctic has been thwarted after
ExxonMobil announced it had sealed an agreement with Rosneft for the exploration
of giant offshore deepwater fields.

The Exxon-Rosneft deal, valued at USD 3.2 billion, will see the US
supermajor assist Rosneft with the exploration of offshore fields in Russia’s
Kara and Black Seas in return for options for the Russian firm to acquire
interests in oil projects in Texas and the Gulf of Mexico.

The three Arctic blocks up for exploration contain reserves of 36 billion
barrels, according to the Financial Times. While BP offered a 5% stake in their
company as a whole instead of options on defined production blocks, the Exxon
deal bears a strong resemblance to that initially agreed with the British
supermajor, down to the foundation of an Arctic research centre staffed by both
companies.